Mets Forbes Value Down, Ticket Sales Awful

Image via Wikipedia

It’s a bad time to be trying to sell a piece of the Mets. The 2011 Forbes MLB valuations are out and the Mets are down 13% from 2010, the biggest drop of any team. On average, team values increased by 7%. So the Mets are down 20% from the average team. Forbes noted a $6 million operating loss by the Mets last year and a 25% reduction in gate receipts in their valuation.

Throwing dirt on the Wilpon’s grave, Forbes also noted today that the Mets 2011 ticket sales are frighteningly dismal. They cite a report at MLB offices noting that the Mets have only sold 600,000 tickets so far and are projecting 3 million for potential buyers. The author writes that this translates to only 7,000 season tickets sold to date. That’s hideous!

I have to think the Forbes report will impact the sale of the a minority stake in the Mets. It’s been well reported that the debt against the team is heavy and a lower valuation of the asset is just what the Wilpons don’t need right now. I still think that they’ll have to relinquish their majority ownership at some point in the future.